Diabytes
Byju Raveendran News
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They had challenged the order passed by the Bengaluru bench of the National Company Law Tribunal (NCLT), which had on February 10, 2025 directed to place their settlement offer before the new Committee of Creditors (CoC), in which US-based Glas Trust, the trustee for lenders to which Byju's owes $1.2 billion, is a member.
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In an email to employees, Byju Raveendran expressed that each legal hurdle has prolonged the company’s journey toward recovery.
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The appellate court maintained that the lenders failed to provide any evidence to substantiate their claims.
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In a meeting with over 1,500 sales associates and managers, Raveendran apparently told them to adopt a pull-based sales model rather than “push-based”.
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The new company policy is currently applicable to sales teams, including the Inside Sales (IS) and Byju’s Exam Prep (BEP) teams, according to an internal company document.
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Byju's offices and tuition centers are shutting down nationwide, leaving staff without pay.
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As you know, the founders have put everything back into the company, and regardless of the court verdict, we are following a parallel line of credit to ensure that you receive your salary by 8th of April," the management said.
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The meeting saw about 20 investor representatives in attendance, along with Think & Learn management, the parent company of Byju’s.
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The edtech company said earlier this week that the rights issue by its parent company Think & Learn Pvt. Ltd to raise $200 million at a 99 per cent valuation cut was fully subscribed.
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Tonight's edition of DNA dives into the factors contributing to BYJU's downfall, it underscores the need for accountability and transparency in corporate governance.
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Reportedly, this development comes ahead of a high-stakes Extraordinary General Meeting (EGM) scheduled for this Friday, where it was reported that certain investors were seeking to oust Raveendran from his position.
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The company had earlier listed February 1 for the January salary pay-out for its employees, which has now been delayed and there is no communication, according to sources.
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The company's core loss expanded by over 61% in fiscal year 2022.
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A Bloomberg report has said that Byju Raveendran has taken the personal loan of about Rs 100 crore against his home to pay the salary.
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The job cuts are being implemented only at Byju's parent, Think & Learn (THIK.NS), and are not linked to any of its subsidiaries, the report said, adding that a significant number of roles to be made redundant would constitute senior positions at the firm.
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Akansha said she was devastated when she was abruptly informed that she must resign by July 28 or face the consequences of not receiving her salary on August 1.
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Byju's has already let go of several thousand employees this year.
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Deloitte said in a letter to Byju's board it was resigning because the company had delayed financial statements for the year ending March 31, 2022.
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Divya used to hold back and ask plenty of questions, which made her stand out. I'm not sure when things changed and we started dating.
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